Effective Compliance Risk Management Solutions to Control IT Risks
Risk, is part of business, but can be detrimental if it is not managed correctly. The biggest possible danger to a business is failing to identify a risk until it’s too late. This can be costly in terms of reputation, security, money and internal morale. To contain risks effectively, companies have to meet regulatory demands while focusing on increasing revenue, managing cost and enhancing shareholders’ value. With a multitude of new regulations and legislations, regulatory compliance has become increasingly important for organizations in recent years and non-compliance can lead to the risk of hefty financial penalties.
Early identification of threats empowers a business to categorize and prioritize risks and to deal with them in a timely and effective manner.There are various risk categories and control frameworks to coordinate and evaluate, which makes managing risk and compliance simultaneously, tough. This leaves enterprises wondering how to manage complete compliance and remain cost-effective at the same time.
From 1999 to 2002, there were many accounting and corporate governance issues around the world involving large public companies including Arthur Anderson, Enron, WorldCom and others. These frauds cost investors hundreds of billions of dollars and jobs for thousands of employees.
To comply with regulations businesses and organizations must protect sensitive information from unauthorized access, disclosure, copying, use and modification. To be effective, risk management should be an integral part of everyday business management, as only when risks are identified and controls put into place, can risk be mitigated.
Implementing a successful risk management solutions with the necessary controls and procedures in place ensures that an enterprise operates in an environment of sound governance. To centralize and integrate policies, processes, procedures and controls, an effective governance, risk and compliance (GRC) strategy can help.With the correct combination of software and organizational culture, it also helps to identify legislation and regulations as areas of risks of non-compliance, helping to ensure compliance. A regular and robust process must identify and manage acceptable levels of risk before they turn into disasters. Without a robust procedure for identifying and dealing with risk, the information, reputation and finances of a business are all in danger.
Effective compliance management solution help in automating and creating ‘workflow’ for procedures associated with risks and risk events. The risk of human error is also curtailed when it comes ensuring that processes are followed accordingly. With Governance, Risk management and Compliance (GRC), companies can adopt a more effective approach to reduce business risk, ensure better compliance and thereby, gain competitive advantage.
Organizations are looking to secure efforts and improve the visibility of risks throughout the enterprise. While an effective compliance risk management program involves people, policies, processes, and technology, it is only by deploying a comprehensive end-to-end compliance and risk management software, that an organization can reduce business and IT risk, cut compliance costs, and help increase ROI.
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